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U.S. Crude Oil Inventories Move Up To Record High Last Week - EIA

Oil3 041912 30May13

Crude oil inventories in the U.S. jumped to a fresh high during the week ended May 24, official data showed Thursday.

The U.S. Energy Information Administration in its weekly crude oil report said U.S. commercial crude oil inventories increased by 3.00 million barrels to 397.60 million barrels last week, which are above the upper limit of the average range for this time of year and at their highest level since EIA began collecting data in 1978.

The week before, crude oil inventories edged down 0.30 million barrels to 394.60 million barrels.

Meanwhile, total motor gasoline inventories moved down by 1.50 million barrels last week, after adding 3.00 million barrels in the prior week, and are in the upper half of the average range.

Analysts were expecting crude oil inventories to dip 0.50 million barrels and gasoline stocks to shed a similar 0.50 million barrels last week.

Late Wednesday, data from the API revealed that U.S. crude oil inventories jumped to a three-decade high, adding 4.40 million barrels and gasoline stocks added 1.94 million barrels in the weekended May 24.

Oil refinery inputs averaged over 15.0 million barrels per day during the week, which were 220,000 barrels per day below the previous week's average as refineries operated at 86.40 percent of their operable capacity.

Meantime, U.S. crude oil imports during the week averaged over 7.80 million barrels per day last week, down by 313,000 barrels per day from the previous week, official data revealed. Over the last four weeks, imports have averaged 7.80 million barrels per day, which were 1.10 million barrels per day below the same four-week period last year.

Light Sweet Crude Oil (WTI) futures for July delivery are losing $0.82 to $92.31 a barrel. Traders await the outcome of Organization of Petroleum Exporting Countries' meet on production targets due Friday.

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